Ujjivan Small Finance Bank sees Q1 net profit of Rs 450 million

Bangalore-based Ujjivan Small Finance Bank saw a consolidated net Profit of Rs 450 million in the quarter ended June, against Net Loss of Rs 749 million in the year-ago quarter.

The bank's net interest income, or the interest earned minus interest expended, rose 61 per cent on a year-on-year basis to Rs 2.22 billion, said the bank in a filing to the exchanges.

Net Interest Margin, the difference between the yield on advances and cost of funds, stood at 11.6% in June 2017, against 9.2% in June 2017. Gross Loan Book grew by 20.5 per cent to Rs 77.87 billion while disbursements grew by 22.9 per cent to Rs 20.92 billion against previous year’s corresponding quarter.

The asset quality improved as gross non-performing assets (GNPA) stood at 2.7% in June against 3.6 in year-ago quarter. The Provision Coverage Ratio stood at 87.5 per cent for the quarter under review.

“The first quarter of FY 2018-19 has been on track with respect to conversion of our microfinance asset centres to banking outlets. In this quarter, we have added 88 banking outlets and the total count of full-fledged banking outlets now stands at 275, spread across 22 states,” said Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank.